Stablecoin duopoly refers to USDT and USDC dominating the market; that dominance is slipping as yield-bearing challengers and bank-backed consortia gain share, dropping the USDT+USDC combined market share from 91.6% in early 2024 to about 83.6% today. USDT and USDC combined market share has fallen from 91.6% to ~83.6%. Emerging yield-bearing stablecoins like Ethena’s USDe have grown rapidly, changing competitive dynamics. Bank consortia and regulatory shifts (e.g., MiCA, GENIUS discussi...